Construction Terminology

Construction Terms

Lease With OptionA rental contract which allows the tenant to purchase the property during the period of the lease. Payments under the lease may be credited (in whole or in part) against the purchase price.

Legal descriptionA description of a piece of real estate that is drafted according to legal requirements and which clearly and adequately establishes the identity of the property so described. Found in most instruments for registration on title to land.

LesseeA tenant under a lease.

LessorA landlord under a lease (the owner of the property being rented).

Lieu ForeclosureA legal instrument in which a borrower conveys property to a lender under a mortgage to save the expense of foreclosure. See also quit-claim deed.

Limited LiabilityResponsibility or obligation which is restricted to the limits set out.

Lot LineThe legal perimeter of a parcel of property, often shown on a survey of the property

Labor LeinA Labor Lien is a legal document filed and recorded against a piece of property. This lien is normally filed by a subcontractor that has provided labor for a project but has not been paid.

Legal DescriptionA description of a piece of real estate that is drafted according to legal requirements and which clearly and adequately establishes the identity of the property so described. Found in most instruments for registration on title to land.

Lein WaiverThe surrender or passing up on one's right to a claim.

LesseeA tenant under a lease

LessorA landlord under a lease (the owner of the property being rented).

Lieu ForeclosureA legal instrument in which a borrower conveys property to a lender under a mortgage to save the expense of foreclosure. See also quit-claim deed.

LitigationLitigation is a term used to refer to possibly filing a lawsuit in court in order to resolve a dispute.